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拼多多:虽然风险上升,机会仍大于风险,维持“买入”评级
浦银国际证券· 2024-11-22 08:02
浦银国际研究 浦银国际 公司研究 SPDBI 目标价 目前价 市场预期区间 资料来源:Bloomberg、浦银国际 拼多多 ( PDD.US) 公司研究 | 互联网行业 拼多多(PDD.US):虽然风险上升,机会 仍大于风险,维持"买入"评级 收入利润皆不及市场预期:3Q24 收入 994 亿元,低于市场预期 3.4%, 同比增长 44%;调整后净利润为 275 亿元,同比增 61%,低于市场预 期 6%。3Q24 调整后净利率 27.6%,2Q24 为 35.3%,3Q23 为 24.7%。 收入增速放缓,利润率环比下滑:3Q24 整体收入同比增长 44%(2Q24 为 86%),增速大幅放缓,其中广告收入同比增 24%(2Q24 为 29%), 与市场预期一致,我们认为和 GMV 增速也逐渐趋于一致。根据我们 调研数据,"双十一"期间,拼多多交易额同比增长 20%+。交易服 务收入同比增长 72%(2Q24 为 234%),环比增 4.3%,虽然也存在季 节性因素,但主要由于减免优质商家的交易服务费等扶持政策导致。 3Q24 净利率为 27.6%,环比下降 7.9pp,其中毛利率环比下降 5.3pp, 销 ...
拼多多:2024年三季报点评:销售费用率环比提升,3Q广告收入同增24.35%
光大证券· 2024-11-22 05:10
2024 年 11 月 22 日 公司研究 销售费用率环比提升,3Q 广告收入同增 24.35% ——拼多多(PDD.O)2024 年三季报点评 要点 公司 3Q2024 营收同比增长 44.33%,GAAP 归母净利润同比增长 60.78% 公司公布 2024 年三季报:1-3Q2024 实现营业收入 2832.26 亿元,同比增长 78.40%,实现 GAAP 归母净利润 849.88 亿元,同比增长 131.28%,实现 Non-GAAP 归母净利润 924.93 亿元,同比增长 118.03%。 单季度拆分来看,3Q2024 实现营业收入 993.54 亿元,同比增长 44.33%,实现 GAAP 归母净利润 249.81 亿元,同比增长 60.78%,实现 Non-GAAP 归母净利 润 274.59 亿元,同比增长 61.26%。 公司 3Q2024 综合毛利率下降 0.99 个百分点,期间费用率下降 1.27 个百分点 1-3Q2024 公司综合毛利率为 62.54%,同比下降 1.78 个百分点。单季度拆分来 看,3Q2024 公司综合毛利率为 60.03%,同比下降 0.99 个百分点。 1 ...
拼多多:增强商家支持的影响开始显现
招银国际· 2024-11-22 02:28
CMB 国际全球市场 | 股票研究 | 公司更新 22 Nov 2024 PDD 控股公司(PDD US) | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...
拼多多:Impact from enhancement of merchant support stared to emerge
招银国际· 2024-11-22 02:00
22 Nov 2024 CMB International Global Markets | Equity Research | Company Update PDD Holdings (PDD US) | --- | --- | --- | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...
PDD(PDD) - 2024 Q3 - Quarterly Report
2024-11-21 21:01
Revenue Growth - Total revenues in Q3 2024 were RMB99,354.4 million (US$14,157.9 million), a 44% increase from RMB68,840.4 million in Q3 2023[4] - Total revenues for the three months ended September 30, 2024, reached RMB 99.35 billion (US$ 14.16 billion), a significant increase from RMB 68.84 billion in the same period of 2023[32] - Revenues from online marketing services and others were RMB49,351.0 million (US$7,032.5 million), a 24% increase from RMB39,687.7 million in Q3 2023[8] - Revenues from transaction services were RMB50,003.4 million (US$7,125.4 million), a 72% increase from RMB29,152.7 million in Q3 2023[9] - Revenues from online marketing services and others for the three months ended September 30, 2024, were RMB 49.35 billion (US$ 7.03 billion), compared to RMB 39.69 billion in the same period of 2023[37] - Revenues from transaction services for the three months ended September 30, 2024, were RMB 50.00 billion (US$ 7.13 billion), up from RMB 29.15 billion in the same period of 2023[37] Profitability - Operating profit in Q3 2024 was RMB24,292.5 million (US$3,461.6 million), a 46% increase from RMB16,656.0 million in Q3 2023[4] - Net income attributable to ordinary shareholders in Q3 2024 was RMB24,980.7 million (US$3,559.7 million), a 61% increase from RMB15,537.1 million in Q3 2023[5] - Non-GAAP net income attributable to ordinary shareholders in Q3 2024 was RMB27,458.7 million (US$3,912.8 million), a 61% increase from RMB17,027.1 million in Q3 2023[14] - Net income for the three months ended September 30, 2024, was RMB 24.98 billion (US$ 3.56 billion), up from RMB 15.54 billion in the same period of 2023[32] - Operating profit for the three months ended September 30, 2024, stood at RMB 24.29 billion (US$ 3.46 billion), compared to RMB 16.66 billion in the same period of 2023[32] - Non-GAAP operating profit for the three months ended September 30, 2024, was RMB 26,770,463 (US$ 3,814,760), compared to RMB 18,125,840 for the same period in 2023[45] - Non-GAAP net income attributable to ordinary shareholders for the three months ended September 30, 2024, was RMB 27,458,701 (US$ 3,912,832), compared to RMB 17,027,084 for the same period in 2023[45] - Non-GAAP operating profit for the nine months ended September 30, 2024, was RMB 90,309,956 (US$ 12,869,065), compared to RMB 41,197,644 for the same period in 2023[45] - Non-GAAP net income attributable to ordinary shareholders for the nine months ended September 30, 2024, was RMB 92,492,640 (US$ 13,180,094), compared to RMB 42,422,832 for the same period in 2023[45] Earnings Per Share - Earnings per diluted ordinary share for the three months ended September 30, 2024, were RMB 4.23 (US$ 0.60), up from RMB 2.65 in the same period of 2023[35] - Non-GAAP diluted earnings per ordinary share for the three months ended September 30, 2024, was RMB 4.65 (US$ 0.66), compared to RMB 2.90 for the same period in 2023[45] - Non-GAAP diluted earnings per ordinary share for the nine months ended September 30, 2024, was RMB 15.64 (US$ 2.23), compared to RMB 7.25 for the same period in 2023[45] Cash Flow and Investments - Net cash generated from operating activities was RMB27,522.3 million (US$3,921.9 million), compared to RMB32,537.9 million in Q3 2023[15] - Net cash generated from operating activities for the three months ended September 30, 2024, was RMB 27,522,313 (US$ 3,921,898), compared to RMB 32,537,857 for the same period in 2023[43] - Net cash used in investing activities for the three months ended September 30, 2024, was RMB 16,898,558 (US$ 2,408,025), compared to RMB 4,820,500 for the same period in 2023[43] - Net cash generated from operating activities for the nine months ended September 30, 2024, was RMB 92,382,132 (US$ 13,164,348), compared to RMB 57,271,860 for the same period in 2023[43] - Net cash used in investing activities for the nine months ended September 30, 2024, was RMB 87,810,779 (US$ 12,512,936), compared to RMB 38,960,607 for the same period in 2023[43] Assets and Liabilities - Cash, cash equivalents, and short-term investments were RMB308.5 billion (US$44.0 billion) as of September 30, 2024, compared to RMB217.2 billion as of December 31, 2023[16] - Other non-current assets were RMB74.0 billion (US$10.5 billion) as of September 30, 2024, compared to RMB48.0 billion as of December 31, 2023[16] - Total current liabilities as of September 30, 2024, were RMB 179.99 billion (US$ 25.65 billion), down from RMB 152.90 billion as of December 31, 2023[30] - Total shareholders' equity as of September 30, 2024, increased to RMB 278.50 billion (US$ 39.69 billion) from RMB 187.24 billion as of December 31, 2023[30] Expenses - Sales and marketing expenses were RMB30,483.8 million (US$4,343.9 million), a 40% increase from RMB21,748.5 million in Q3 2023[10] - Total share-based compensation expenses for the three months ended September 30, 2024, were RMB 2.48 billion (US$ 353.11 million), compared to RMB 1.47 billion in the same period of 2023[40]
PDD: Price Crash Despite Strong Growth
Seeking Alpha· 2024-11-21 18:30
The primary goal of the Cash Flow Kingdom Income Portfolio is to produce an overall yield in the 7% - 10% range. We accomplish this by combining several different income streams to form an attractive, steady portfolio payout. The portfolio's price can fluctuate, but the income stream remains consistent. Start your free two-week trial today!PDD Holdings Inc. (NASDAQ: PDD ) reported strong business growth for the most recent quarter, but expectations were somewhat higher compared to what the company delivered ...
PDD(PDD) - 2024 Q3 - Earnings Call Transcript
2024-11-21 15:15
Financial Data and Key Metrics - Total revenues for Q3 2024 reached RMB99.4 billion, a 44% year-over-year increase, driven by growth in online marketing services (RMB49.4 billion, up 24%) and transaction services (RMB50 billion, up 72%) [33] - Net income attributable to ordinary shareholders was RMB25 billion, compared to RMB15.5 billion in the same quarter last year [37] - Non-GAAP operating profit margin was 27%, up from 26% in the same quarter last year [36] - Net cash generated from operating activities was RMB27.5 billion, down from RMB32.5 billion in the same quarter last year [39] Business Line Data and Key Metrics - The RMB10 billion fee reduction program benefited over 10 million merchants, with fee reductions planned for the coming year [8][14] - Logistics support initiatives, including eliminating transhipment fees for Western China, drove significant order volume growth in remote regions [12][24] - The high-quality merchant support program allocated RMB1 billion in subsidies and RMB2 billion in online traffic resources, boosting agricultural product sales [25] Market Data and Key Metrics - Sales of national brands during the Double 11 Shopping Festival rose more than 10-fold quarter-on-quarter [28] - Delivery fees for agricultural products and daily essentials in Western China were cut by up to 70%, encouraging merchants to enter these markets [24] - Consumer preferences shifted towards quality and personalization, driving demand for premium products in urban and rural areas [29] Company Strategy and Industry Competition - The company is committed to high-quality development, focusing on ecosystem investments, fee reductions, and merchant support initiatives [8][15] - Investments in logistics and supply chain innovation aim to strengthen economic links between regions and promote high-quality growth [12][26] - Intensified competition in the e-commerce sector and external challenges have moderated revenue growth and profitability [9][33] Management Commentary on Operating Environment and Future Outlook - Management expects short-term financial impacts from ecosystem investments but remains focused on long-term benefits [10][38] - The company is adapting to shifting consumer preferences and evolving market demands, with a focus on supply chain innovation [15][29] - Global business growth faces challenges from competition and external expectations, but the company remains committed to delivering high-quality services [53][56] Other Important Information - The company hosted the Smart Agriculture Competition and Global Agri-Inno Challenge 2024, advancing research and technology innovation in agriculture [16] - Compliance and platform ecosystem initiatives have been scaled up, with investments in technology and merchant education to enhance supply chain quality [62][65] Q&A Session Summary Question: Progress on Merchant Support Initiatives and Future Plans - The RMB10 billion fee reduction program has significantly lowered operational costs for merchants, enabling them to invest in product development and technology upgrades [48][49] - Logistics fee reductions have expanded merchant reach in Western China, fostering a healthier ecosystem [50][51] Question: Global Business Strategy and External Environment - The company is actively engaging with external stakeholders to enhance service standards and compliance in global markets [54][55] - Intensifying competition and external challenges are expected to impact business growth, but the company remains committed to delivering value to global consumers [56] Question: Compliance and Platform Ecosystem Initiatives - The company has invested in compliance teams, technology, and merchant education to strengthen its ecosystem and meet regulatory requirements [62][65] - These efforts aim to remove bad actors and empower high-quality merchants, fostering a sustainable supply chain [66] Question: Profitability Trends and Long-Term Outlook - Profitability may trend lower in the long term due to investments in ecosystem development, but these investments are expected to create long-term value for consumers and merchants [67][69] Question: Double 11 Shopping Festival Performance and Domestic Competition - The RMB10 billion voucher campaign during Double 11 drove strong sales growth, particularly in agricultural products and daily necessities [77] - Intense competition in the domestic e-commerce market has moderated growth, but the company remains focused on high-quality investments to enhance consumer trust [81][86]
PDD Stock Tumbles as Quarterly Results Fall Short of Estimates
Investopedia· 2024-11-21 14:05
KEY TAKEAWAYSU.S.-traded shares in PDD Holdings are plunging in premarket trading Thursday after the parent of the Temu discount marketplace posted quarterly results that fell massively short of analysts’ estimates.Competition and a costly expansion have been cutting into PDD's earnings.PDD shares are down 20% this year. U.S.-traded shares in PDD Holdings (PDD) are plunging in premarket trading Thursday after the parent of the Temu discount marketplace posted quarterly results that fell massively short of a ...
PDD(PDD) - 2024 Q3 - Quarterly Results
2024-11-21 11:47
Revenue Growth - Total revenues in Q3 2024 were RMB99,354.4 million (US$14,157.9 million), a 44% increase from RMB68,840.4 million in Q3 2023[1] - Total revenues for the three months ended September 30, 2024, reached RMB 99,354,401 thousand (US$ 14,157,889 thousand), a significant increase from RMB 68,840,371 thousand in the same period of 2023[20] - Revenues from online marketing services and others were RMB49,351.0 million (US$7,032.5 million), a 24% increase from RMB39,687.7 million in Q3 2023[5] - Online marketing services and others contributed RMB 49,351,022 thousand (US$ 7,032,465 thousand) to revenues for the three months ended September 30, 2024, up from RMB 39,687,678 thousand in the same period of 2023[22] - Revenues from transaction services were RMB50,003.4 million (US$7,125.4 million), a 72% increase from RMB29,152.7 million in Q3 2023[5] - Transaction services revenues for the three months ended September 30, 2024, were RMB 50,003,379 thousand (US$ 7,125,424 thousand), compared to RMB 29,152,693 thousand in the same period of 2023[22] Profitability - Operating profit in Q3 2024 was RMB24,292.5 million (US$3,461.6 million), a 46% increase from RMB16,656.0 million in Q3 2023[2] - Operating profit for the three months ended September 30, 2024, stood at RMB 24,292,458 thousand (US$ 3,461,647 thousand), up from RMB 16,656,021 thousand in the same period of 2023[20] - Operating profit for Q3 2024 increased to RMB 24,292,458 thousand, up 45.8% from RMB 16,656,021 thousand in 2023[26] - Non-GAAP operating profit for Q3 2024 reached RMB 26,770,463 thousand, a 47.7% increase from RMB 18,125,840 thousand in 2023[26] - Net income attributable to ordinary shareholders in Q3 2024 was RMB24,980.7 million (US$3,559.7 million), a 61% increase from RMB15,537.1 million in Q3 2023[3] - Net income for the three months ended September 30, 2024, was RMB 24,980,694 thousand (US$ 3,559,719 thousand), compared to RMB 15,537,122 thousand in the same period of 2023[20] - Net income attributable to ordinary shareholders for Q3 2024 rose to RMB 24,980,694 thousand, up 60.8% from RMB 15,537,122 thousand in 2023[26] - Non-GAAP net income attributable to ordinary shareholders for Q3 2024 was RMB 27,458,701 thousand, a 61.3% increase from RMB 17,027,084 thousand in 2023[26] Earnings Per Share - Diluted earnings per ordinary share for Q3 2024 increased to RMB 4.23, up 59.6% from RMB 2.65 in 2023[26] - Non-GAAP diluted earnings per ordinary share for Q3 2024 was RMB 4.65, a 60.3% increase from RMB 2.90 in 2023[26] - Non-GAAP diluted earnings per ADS for Q3 2024 reached RMB 18.59, up 60.1% from RMB 11.61 in 2023[26] Expenses - Sales and marketing expenses were RMB30,483.8 million (US$4,343.9 million), a 40% increase from RMB21,748.5 million in Q3 2023[7] - Total operating expenses were RMB35,352.7 million (US$5,037.7 million), a 39% increase from RMB25,354.1 million in Q3 2023[6] - General and administrative expenses were RMB1,805.6 million (US$257.3 million), a 138% increase from RMB758.3 million in Q3 2023[7] - Research and development expenses for the three months ended September 30, 2024, were RMB 3,063,353 thousand (US$ 436,524 thousand), up from RMB 2,847,323 thousand in the same period of 2023[20] - Total share-based compensation expenses for the three months ended September 30, 2024, were RMB 2,478,005 thousand (US$ 353,113 thousand), compared to RMB 1,469,819 thousand in the same period of 2023[23] - Share-based compensation expenses for Q3 2024 were RMB 2,478,005 thousand, a 68.6% increase from RMB 1,469,819 thousand in 2023[26] Cash and Investments - Cash, cash equivalents, and short-term investments were RMB308.5 billion (US$44.0 billion) as of September 30, 2024, compared to RMB217.2 billion as of December 31, 2023[9] - Other non-current assets were RMB74.0 billion (US$10.5 billion) as of September 30, 2024, compared to RMB48.0 billion as of December 31, 2023[9] - Cash, cash equivalents, and restricted cash at the end of the period for September 30, 2024, stood at RMB 125,688,495 thousand (US$ 17,910,467 thousand), up from RMB 111,353,259 thousand at the beginning of the period[24] - Net cash generated from operating activities for the three months ended September 30, 2024, was RMB 27,522,313 thousand (US$ 3,921,898 thousand), down from RMB 32,537,857 thousand in the same period of 2023[24] Shareholders' Equity - Total shareholders' equity increased to RMB 278,504,920 thousand (US$ 39,686,634 thousand) as of September 30, 2024, from RMB 187,241,607 thousand in the previous year[18] Non-GAAP Metrics - Non-GAAP operating profit for Q3 2024 reached RMB 26,770,463 thousand, a 47.7% increase from RMB 18,125,840 thousand in 2023[26] - Non-GAAP net income attributable to ordinary shareholders for Q3 2024 was RMB 27,458,701 thousand, a 61.3% increase from RMB 17,027,084 thousand in 2023[26] - Non-GAAP diluted earnings per ordinary share for Q3 2024 was RMB 4.65, a 60.3% increase from RMB 2.90 in 2023[26] - Non-GAAP diluted earnings per ADS for Q3 2024 reached RMB 18.59, up 60.1% from RMB 11.61 in 2023[26] - Non-GAAP diluted weighted-average number of ordinary shares outstanding for Q3 2024 was 5,909,793 thousand, up 0.8% from 5,865,102 thousand in 2023[26] Other Financial Metrics - Loss from fair value change of certain investments for Q3 2024 was RMB 2, a significant decrease from RMB 7,935 in 2023[26]
PDD Holdings Announces Third Quarter 2024 Unaudited Financial Results
GlobeNewswire News Room· 2024-11-21 11:30
DUBLIN and SHANGHAI, Nov. 21, 2024 (GLOBE NEWSWIRE) -- PDD Holdings Inc. (“PDD Holdings” or the “Company”) (NASDAQ: PDD), today announced its unaudited financial results for the third quarter ended September 30, 2024. Third Quarter 2024 Highlights Total revenues in the quarter were RMB99,354.4 million (US$1 14,157.9 million), an increase of 44% from RMB68,840.4 million in the same quarter of 2023. Operating profit in the quarter was RMB24,292.5 million (US$3,461.6 million), an increase of 46% from RMB16,656 ...